Ford sees total $3 European bln loss in 2012, 2013

Thursday, 25 Oct 2012 | 2:23 PM ETReuters

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DETROIT, Oct 25 (Reuters) - Ford Motor Co expects to lose a combined $3 billion in Europe in 2012 and 2013, executives said during a conference call on Thursday, adding that European car sales may only rise to 15 million annually by mid-decade.

The second-largest U.S. automaker said earlier that it would close a van plant in Southampton, England, in mid-2013, cutting 1,400 jobs on top of 4,300 Ford will eliminate as part of its plant closure in Belgium.

Chief Financial Officer Bob Shanks said severance payments connected to those layoffs would ``clearly exceed'' $100,000 per worker. Ford said it would lose $1.5 billion in Europe this year and said 2013 losses would be at that same level.